NatWest publishes Q3 2026 results call transcript
NWG•NatWest expects broadly stable net interest margins in 2027 and reaffirmed 2026 guidance of about £17.9 billion in income excluding notable items and £8.5 billion in operating expenses.
1. Outlook and guidance
At its October 30 third-quarter results call, NatWest management said it expects broadly stable net interest margins in 2027, with average interest-earning asset growth tracking loan growth. Structural hedge income is expected to rise by more than £1 billion to over £7 billion, with more than three-quarters already locked in; 2026 guidance remains around £17.9 billion for income excluding notable items and £8.5 billion for operating expenses. Risk-weighted assets are forecast at around £210 billion on January 1, 2027, and the next buyback announcement is expected in February.
